Saudi Arabia aims at boosting the mining sector, and itensify exploration work for a minieral wealth valued at US$1.3 trillion.
Saudi Arabia’s Ministry of Industry and Mineral Resources has moved one step closer to giving out mining exploration licenses for two of its sites as it shortlisted 13 bidders amid a drive to develop the Kingdom’s mining sector.
Saudi Arabia started to give out mining exploration licenses to two sites in Riyadh and Asir.
The country has shortised 13 bidders amid a drive to develop the Kingdom’s mining sector.
The new opportunity will see the shortlisted bidders compete for permission to dig for valuable metals in two key exploration sites in Riyadh and Asir.
The Ar Ridaniyah site, located in the Saudi capital, contains zinc and silver deposits, and spans over an area of 75 sq. km.
Whereas the Muhaddad site in Asir has copper, zinc, lead, and gold deposits and covers 139 sq. km.
The announcement comes as the ministry aims to support investors, enhance investment in the mining sector and encourage national industries.
The shortlisted bidders include African Rainbow Minerals, Alara Saudi Ventures, AMAK, Barrick Gold Corporation, and ERG Arabia.
The other bidders include Moxico Resources, Ma’aden, Yilmaden Holding, Vedanta, and Artar.
In addition, Panoro Minerals, Royal Road and MSB Holding, and Ajlan and Bros and Norin are shortlisted as bidders.
A ministry statement stated that the submission deadline for bidders is May 2023, and that results will be announced the following month.
Saudi Arabia’s mining sector is witnessing unprecedented growth as the government is pushing to develop the industry with increased investment and upgraded laws to attract more private players.
Makkah was home to the majority of 76 mining complexes last year, followed by Riyadh and Madinah with 60 and 53 complexes respectively, while Asir’s complexes totaled 34, revealed the ministry.
Saudi Arabia possesses more than 20 different types of minerals, including gravel, gold, iron, copper, granite and marble.The Kingdom has 35 locations with specific geological formations, called mineral belts, that contain abundant mineral deposits.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.